28 min listen
#078 | A conversation with the ORIGINAL friends on FIRE (Mike’s dad + his friend Mark)
Fromfriends on FIRE
#078 | A conversation with the ORIGINAL friends on FIRE (Mike’s dad + his friend Mark)
Fromfriends on FIRE
ratings:
Length:
71 minutes
Released:
Jan 4, 2021
Format:
Podcast episode
Description
Mike has shared before that his dad retired in his early 40s, and this lifestyle approach inspired Mike’s FIRE journey at a young age. Maggie has been trying to get Mike’s dad on the show for a while, and we finally succeeded when Mark and Jack invited themselves on the show. In this discussion with Jack and Mark, we cover many topics, including:Jack and Mark met at work, just like Mike and Maggie!They found a common interest in saving enough money so they could jump out whenever they wanted to.Jack and Mark nicknamed themselves the Pros of Dover.How they each grew up and what it taught them about money.The importance of values and how they learned early on they had the same values.A Franklin planner influenced parts of Jack’s life and journey.Jack read this book at 28, which inspired him on this journey: Cashing in on the American Dream: How to Retire at 35. He would not recommend this book today though!Two books that Mark found inspiring: Rich Dad, Poor Dad and The Millionaire Next Door. Avoiding lifestyle inflation and keeping up with the Joneses.Accumulating money is buying yourself options for later in your life. It’s all about accumulating a big next egg so you can have options when you leave work. At a young age, Jack realized that he had all of these other personal goals he wanted to pursue in life, outside of work. Fairly early on, Jack got his company to agree he could take summers off to travel with his kids. He structured his job around what he wanted, and he wasn’t afraid to ask for what he wanted. He decided to keep making money as long as possible until it wasn’t fun anymore. When he decided not to take a job when his company was moving and instead retire early to spend time with his family, he got a letter from the CEO praising his decision. The importance of being in sync with your partner on values.The bureaucracy and stress of some jobs can become all-consuming. Being on call 24/7 with the advance of new technology and how disruptive it can be. Keeping in mind what you’re at work for and why you’re doing it. Jack’s love of log paper. We think this is basically graph paper, but we’re still not entirely sure. Mark still has one of their projection net worth curves from 1995! Jack doesn’t think math is Mike’s thing. Maggie was shocked by this statement! If performance is measured, performance improves!If you just continue to save a lot of money and do it at a consistent rate, you’ll get there.Jack always treated saving money as a hobby. Trying to keep the same spending level year over year became a fun challenge for him.Value-based thinking eliminates a lot of remorse. Regrets are difficult as you don’t know what the alternative future would have been. The problem that Jack sees with people who want to retire early is that they don’t have a clear plan on what they are going to do post-retirement. Have a plan and vision for how you spend your life!---Show ReferencesBook: Cashing in on the American Dream: How to Retire at 35 (they don’t recommend!)Book: Rich dad poor dadBook: The millionaire next door---Follow friends on FIRETwitterInstagramFacebookLinkedInLeave us a voicemail or text us: 404-981-3370eMail us at: friendsonfiremm@gmail.comVisit our website: www.friendsonfire.orgfriends on FIRE etsy store---Other LinksMaggie’s Blog: Mostly Minimal LifeMike’s Book: Your New Relationship with Money
Released:
Jan 4, 2021
Format:
Podcast episode
Titles in the series (100)
#011 | Kids are the Best! Part 1: Since we said cars are the worst, we thought we’d next focus on what’s the best: our kids! People think kids are expensive, and then can be, but they don’t have to be. Mike has 2 kids, and Maggie has 3 kids, and we share our thoughts on raising them and the costs of doing so. We share some tips on the various categories of expenses related to kids, and how we believe that talking openly with your kids about money can improve your finances and theirs as they get older. by friends on FIRE